Don't You Take A Huge Hit Bringing In Large Sums Of Money?

[bangkokburning]

X rate for cash compared to bankratesTHEN you have those mystery days the bank sits on the cash and then gives you the lowest rate of the week.

How is this a good thing? How have you made it if not to your advantage but at least equitable?

50 satang per dollar (pick the countryl is huge and that is the difference over cash rate, not incl the actual x rate.

One million for retirement, three million+ for acondo - that is serious money into thin air.

You need to set up aforeign currency acct and remit in fc but then what? Take 6m down to Super Rich??

Thanks

Edited October 24, 2012 by bangkokburning

[cloudhopper]

I have funds wired and don't take a huge hit. If it's over 50k USD they might ask you what it's for.

[pgthompson]

Qué

[bangkokburning]

Sorry, I am thick. If you exchange at the bank rate, that is no less than 40 satang per USD/CAD/AUD on any given day than what you would get for a US100 note at say SuperRich. That's pretty big money when multiplied out at 50, 100, 300K dollars.

So if you wire your currency here, they do not hit you on their rate (scb tends to be lowest) AND they do not get to manipulate the rate by giving you the lowest rate of the week - but it seems you are still not getting the cash rate and by my mind 50 satangs per dollar is pretty painful - that is more than one percent.

Edited October 24, 2012 by bangkokburning

[djayz]

It's only a "huge" hit if you're transferring millions of dollars/pounds/euros... but not if you're transferring the equivalent of 3 - 4 million Baht... at best it's a good night out.

[54321]

current rates

super rich

$1= 30.75 baht

bkk bank

$1= 30.37 baht

difference =.38 of a baht

so the difference per dollar is 38 of a baht

for $10= 3.8 baht

for $100= 38 baht

for $1000= 380 baht

for $10,000 = 3,800 baht

for $100,000 = 38,000 baht

one hell of a night out

[topt]

Sorry, I am thick. If you exchange at the bank rate, that is no less than 40 satang per USD/CAD/AUD on any given day than what you would get for a US100 note at say SuperRich. That's pretty big money when multiplied out at 50, 100, 300K dollars.

So if you wire your currency here, they do not hit you on their rate (scb tends to be lowest) AND they do not get to manipulate the rate by giving you the lowest rate of the week - but it seems you are still not getting the cash rate and by my mind 50 satangs per dollar is pretty painful - that is more than one percent.

I do not know about the levels in other Thai banks but with SCB when I moved more than 50k (used to be more than 20k) they would hold it centrally until they knew what it was for. I was able to talk to a lady who handled the forex from SCB HO and agree with her a better rate than publicly available. With this contact I was also able to do this in branch when transferring from a Foreign Currency deposit account or whatever it was called.

If you are going to be moving any more than 20k at a time I think it is beneficial to have that discussion with your bank and you can hopefully influence the rate.

Personally I do not believe they deliberately give you the lowest rate of the week (as you put it) and since most peoples money appears to turn up pretty quickly (from reports on here) then something seems off if that is the case........

I have never been able to get 50 satang more than a TT rate for cash either so I really commend you if that is the case - SCB published rate now is 30.64 for the $US - are you really saying you can get over 31 now for cash?

[topt]

current rates

super rich

$1= 30.75 baht

bkk bank

$1= 30.37 baht

difference =.38 of a baht

so the difference per dollar is 38 of a baht

for $10= 3.8 baht

for $100= 38 baht

for $1000= 380 baht

for $10,000 = 3,800 baht

for $100,000 = 38,000 baht

one hell of a night out

Yes but aren't you comparing cash to cash - not TT rate to Super Rich cash rate?

[yoshiwara]

50 satang per dollar (pick the countryl is huge and that is the difference over cash rate, not incl the actual x rate.

One million for retirement, three million+ for acondo - that is serious money into thin air.

Assuming the above figures, well is it 'huge'?

Let us assume you want to bring in $100,000

That would be 100,000 * 50 satang = 50,000 baht.

Is that huge?

[rfukata]

Sorry, I am thick. If you exchange at the bank rate, that is no less than 40 satang per USD/CAD/AUD on any given day than what you would get for a US100 note at say SuperRich. That's pretty big money when multiplied out at 50, 100, 300K dollars.

So if you wire your currency here, they do not hit you on their rate (scb tends to be lowest) AND they do not get to manipulate the rate by giving you the lowest rate of the week - but it seems you are still not getting the cash rate and by my mind 50 satangs per dollar is pretty painful - that is more than one percent.

in a way, I have to agree with you. I normally carry at least 10K per trip from the US and exchange at Super-rich or Vasu due to a far better

rate than what a bank can offer. I just (2days) ago, wired $3000US into Siam Commercial , the rate of exchange was 30.23 versus Superrich

at 30.70. I questioned the rate at SCB, the rate of 30.23 is not even listed on their daily exchange list - even the manager couldn't

answer my question. (yes it can be painful if you wire a ton of cash)

[yoshiwara]

Sorry, I am thick. If you exchange at the bank rate, that is no less than 40 satang per USD/CAD/AUD on any given day than what you would get for a US100 note at say SuperRich. That's pretty big money when multiplied out at 50, 100, 300K dollars.

So if you wire your currency here, they do not hit you on their rate (scb tends to be lowest) AND they do not get to manipulate the rate by giving you the lowest rate of the week - but it seems you are still not getting the cash rate and by my mind 50 satangs per dollar is pretty painful - that is more than one percent.

in a way, I have to agree with you. I normally carry at least 10K per trip from the US and exchange at Super-rich or Vasu due to a far better

rate than what a bank can offer. I just (2days) ago, wired $3000US into Siam Commercial , the rate of exchange was 30.23 versus Superrich

at 30.70. I questioned the rate at SCB, the rate of 30.23 is not even listed on their daily exchange list - even the manager couldn't

answer my question. (yes it can be painful if you wire a ton of cash)

I agree that carrying cash for spending money per trip gets the best deal if you are OK with the risk.

[djayz]

current rates

super rich

$1= 30.75 baht

bkk bank

$1= 30.37 baht

difference =.38 of a baht

so the difference per dollar is 38 of a baht

for $10= 3.8 baht

for $100= 38 baht

for $1000= 380 baht

for $10,000 = 3,800 baht

for $100,000 = 38,000 baht

one hell of a night out

The point I was trying to make was: There are various costs when moving to a different country; exchange rates, moving costs, deposits, etc. If the OP finds (for example Baht 38,000) to be a "huge hit" then maybe he/she should reconsider moving. I've moved to a total of 4 different countries, Thailand being the fourth, and I know what the start up costs can be. You just have to live with it and move on. If someone considers Baht 38,000 to be a huge hit, then he/she really isn't in a financial position to move.

And yes, Baht 38,000 is one HELL of a night out... No disrespect (to you or the OP), but moving to a different country can be an expensive and sometimes even daunting experience. Baht 38,000 isn't the end of the world.

Good luck to the OP.

[djayz]

50 satang per dollar (pick the countryl is huge and that is the difference over cash rate, not incl the actual x rate.

One million for retirement, three million+ for acondo - that is serious money into thin air.

Assuming the above figures, well is it 'huge'?

Let us assume you want to bring in $100,000

That would be 100,000 * 50 satang = 50,000 baht.

Is that huge?

Thank you. My sentiments exactly.

[MRGTINGTONG]

Please tell me what is ' Super Rich' and where can i find one, cheers

[endure]

50 satang per dollar (pick the countryl is huge and that is the difference over cash rate, not incl the actual x rate.

One million for retirement, three million+ for acondo - that is serious money into thin air.

Assuming the above figures, well is it 'huge'?

Let us assume you want to bring in $100,000

That would be 100,000 * 50 satang = 50,000 baht.

Is that huge?

It's not huge but it would by a nice DSLR camera or a powerful laptop.

[bangkokburning]

Let's assume it is 2.5m for a condo...many guys have done this. In fact, many guys on TV scoff at a tiny condo. What if its a 10m property?

People that 100k is money of no matter, please take me out for a night on the town. That is an addl 1%+ tax on the condo purchase.

Anyway - thanks.

Edited October 25, 2012 by bangkokburning

[topt]

Let's assume it is 2.5m for a condo...many guys have done this. In fact, many guys on TV scoff at a tiny condo. What if its a 10m property?

People that 100k is money of no matter, please take me out for a night on the town. That is an addl 1%+ tax on the condo purchase.

Anyway - thanks.

As I pointed out above you seem to be comparing apples and pears. The difference is actually only roughly a third of what you say - still a difference I agree but that is the cost I guess for not having to worry about transporting all that cash with the associated risks. And that is before you try to negotiate it so may be less.

Also if buying a condo (and you want to be able one day to move your money elsewhere) do you not have to show funds coming from abroad?

[Naam]

50 satang per dollar (pick the countryl is huge and that is the difference over cash rate, not incl the actual x rate.

One million for retirement, three million+ for acondo - that is serious money into thin air.

Assuming the above figures, well is it 'huge'?

Let us assume you want to bring in $100,000

That would be 100,000 * 50 satang = 50,000 baht.

Is that huge?

huge bravery would be the mandatory declaration of $100k cash on arrival

[SantiSuk]

Im hugely embarrassed to admit it, but the last time I brought GBP10,000 into the country I managed to lose THB 100,000 of it to theft*. That made a bit of a dent in my cash conversion rate

I would never bring large amounts of cash into Thailand again just to gain a bit of margin.

* and I'm far too embarrassed to tell you the circumstances. And this is a genuine, not a made up response - the loss happened last week

[djayz]

Im hugely embarrassed to admit it, but the last time I brought GBP10,000 into the country I managed to lose THB 100,000 of it to theft*. That made a bit of a dent in my cash conversion rate

I would never bring large amounts of cash into Thailand again just to gain a bit of margin.

* and I'm far too embarrassed to tell you the circumstances. And this is a genuine, not a made up response - the loss happened last week

Go on. tell us her name...I promise we won't tell anybody... all in jest

[djayz]

Im hugely embarrassed to admit it, but the last time I brought GBP10,000 into the country I managed to lose THB 100,000 of it to theft*. That made a bit of a dent in my cash conversion rate

I would never bring large amounts of cash into Thailand again just to gain a bit of margin.

* and I'm far too embarrassed to tell you the circumstances. And this is a genuine, not a made up response - the loss happened last week

Did something similar a few years ago - but was 10* more in Euros. Didn't feel at all safe carrying that much cash with me. Although I got here without "loosing" a single Euro, I really don't think I would do it again. I didn't feel good carrying that much cash on me. Was just lucky that I got it all here without arising any suspicions. Won't do that again. I'd rather pay the bank fees, wait a few days and have it transferred directly and safely into my account.

[jacnl2000]

Im hugely embarrassed to admit it, but the last time I brought GBP10,000 into the country I managed to lose THB 100,000 of it to theft*. That made a bit of a dent in my cash conversion rate

I would never bring large amounts of cash into Thailand again just to gain a bit of margin.

* and I'm far too embarrassed to tell you the circumstances. And this is a genuine, not a made up response - the loss happened last week

Did something similar a few years ago - but was 10* more in Euros. Didn't feel at all safe carrying that much cash with me. Although I got here without "loosing" a single Euro, I really don't think I would do it again. I didn't feel good carrying that much cash on me. Was just lucky that I got it all here without arising any suspicions. Won't do that again. I'd rather pay the bank fees, wait a few days and have it transferred directly and safely into my account.

While travelling to Thailand one of the Dutch customs sniffer dogs trained for finding paper money at Schiphol airport scared the hell out of me. I was carrying a relative large but not illegal (< 10.000 Euro) bundle of paper money and showed my fear for dogs. The Dutch customs sniffer dog method applied enables criminals (who simply keep their eyes focussed upon the actual behaviour of the sniffer dog) to spot potential victims carrying relative large amounts of money into Thailand. Better transfer money safely and directly into an account, and carry not more paper money than necessairy for immediate use.

[aussiep]

http://www.superrichthailand.com/new/index.html

Super Rich showes map of location in BKK

[Billmont]

All my income is generated in the UK. I think the best way is to have s Sterling Bank Account in Thailand, I use Bangkok Bank but I think Foreign Currency accounts are only available in Bangkok. I make a one off Transfer per year for an amount to cover me for one year with spare. I have iBanking with Bangkok Bank and keep looking at the ROE and then transfer in the region of £3000 to my Thai Currency account when I consider the rate of exchange to be favourable. I have a one off cost of £28 for the UK/Thailand transfer and no further costs to tranfer it to my Bangkok Thai Bank A/C. I have another Thai Bank A/C in Korat where I live and transfer when I need funds, this usually cost THB 100 as a different Province from Bangkok. A few months ago, can't quite remember when, but the ROe reached 50.24 to the Pound so I made a big transfer which has kept me going for many months and I still have a good balance. If I see the ROE around 50 again I will do the same even if at the time I do not need Thai Baht. I follow the ROE each day and also find Internet Banking (iBanking) with Bangkok Bank to be first class.

[Mr Red]

Wired in $75K last week to BKK bank. Paid $20 to NY branch of BKK bank as pass-thru, then 500 baht exchange fee upon receipt. Exchange rate was 30.67 when rate published in paper was 30.71. Overall, I am satisfied with the transfer. And yes, I am supposed to go down and fill out a form for them to declare purpose. Did a transfer of more than 3x that amount early this year and same type of process.

[Naam]

Wired in $75K last week to BKK bank. Paid $20 to NY branch of BKK bank as pass-thru, then 500 baht exchange fee upon receipt. Exchange rate was 30.67 when rate published in paper was 30.71. Overall, I am satisfied with the transfer. And yes, I am supposed to go down and fill out a form for them to declare purpose. Did a transfer of more than 3x that amount early this year and same type of process.

in all these years and dozens of transfers i never filled out a form but was asked whether the bank (SCB) should fill out a form to be collected by me. the form i refer to is supposed to make it easier in case i want to transfer money out of Thailand.

[MyFriend You]

Wired in $75K last week to BKK bank. Paid $20 to NY branch of BKK bank as pass-thru, then 500 baht exchange fee upon receipt. Exchange rate was 30.67 when rate published in paper was 30.71. Overall, I am satisfied with the transfer. And yes, I am supposed to go down and fill out a form for them to declare purpose. Did a transfer of more than 3x that amount early this year and same type of process.

in all these years and dozens of transfers i never filled out a form but was asked whether the bank (SCB) should fill out a form to be collected by me. the form i refer to is supposed to make it easier in case i want to transfer money out of Thailand.

My question: Can you transfer large sums of money into say a $$ Account in SCB, then convert it when the exchange rate is favorable?? I know if I buy a Condo or home the money has to come from outside Thailand, is there a limit on how long it can remain in $$'s..............Thanx

[Naam]

Wired in $75K last week to BKK bank. Paid $20 to NY branch of BKK bank as pass-thru, then 500 baht exchange fee upon receipt. Exchange rate was 30.67 when rate published in paper was 30.71. Overall, I am satisfied with the transfer. And yes, I am supposed to go down and fill out a form for them to declare purpose. Did a transfer of more than 3x that amount early this year and same type of process.

in all these years and dozens of transfers i never filled out a form but was asked whether the bank (SCB) should fill out a form to be collected by me. the form i refer to is supposed to make it easier in case i want to transfer money out of Thailand.

My question: Can you transfer large sums of money into say a $$ Account in SCB, then convert it when the exchange rate is favorable?? I know if I buy a Condo or home the money has to come from outside Thailand, is there a limit on how long it can remain in $$'s..............Thanx

of course you can if you setup up a foreign currency account, a limit does not apply.